FINMA puts swiss pb in liquidation, second bust Swiss forex brokerage after Crown Forex

Just like with the notorious Crown Forex FINMA took over swiss pb’s website and put the following announcement there: “With

Just like with the notorious Crown Forex FINMA took over swiss pb’s website and put the following announcement there:

“With an order dated March 25th, 2011 the Swiss Financial Supervisory Authority FINMA has adjudicated the bankruptcy of swiss pb AG in Liquidation as per March 28th, 2011. The Swiss Financial Market Supervisory Authority (FINMA) has nominated the former liquidators Prof Dr. Daniel Staehelin, Attorney-at-Law and Notary-public and Ines Poeschel, Attorney-at-Law, Kellerhals Attorneys-at-Law, as bankruptcy liquidators.

Due to the bankruptcy a new creditors call will be published on April 6th, 2011 in the Swiss Gazette of Commerce ( Creditors may file their claims until May 13th, 2011 to: swiss pb AG in Liquidation, Löwenstrasse 29, CH-8001 Zürich, Switzerland

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Claims that have been filed during the first creditors call and claims that are recorded in the company’s books do not have to be filed again (Art. 36 BankG; Swiss Federal Law on Banks and Savings Banks).After the stated period, the bankruptcy liquidators will review the claims and create a schedule of claims (statutory ranking of claims). Deposits of up to CHF 100‘000 per beneficial owner will be paid out upfront. Get more information on the bankruptcy process from our FAQs (frequently asked questions): Link to the FAQs. Clients which have not yet filed a request for the transfer of the securities and the (protected) funds, will soon receive a form by mail.”

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Back in 2009, FINMA took over Crown Forex which turned out to be a major scam involving some $190 million in lost funds. Crown Forex allegedly cooperated with a now convicted scam artist Trevor Cook who admitted to bilking over 1,000 investors out of their money. Trevor Cook plead guilty to charges of mail fraud and tax evasion and was sentenced to 25 years in prison.

swiss pb was a very small Swiss brokerage which mostly dealt with securities and marginally with forex. It had only a few dozens of clients and according to FINMA it cancelled swiss pb’s securities dealer licence because of non-compliance with certain requirements relating to equity, controlling shareholders and assets under management. Check out FINMA’s FAQ here or go to swiss pb’s website here to find appointed liquidators’ details.

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